NEW DELHI: With the demonetisation drive against black money hoarders gathering steam, financial intelligence agencies have unearthed over 1,650 such bank accounts on hire. Hoarders are paying a monthly rent of up to Rs 15,000 to some bank account holders to stash unaccounted money. According to sources, income tax and intelligence agencies are scanning rogue bank accounts countrywide for deposits made since November 8. After examining 600 such accounts, show cause notices have been issued to the holders under various sections of Income Tax Act.
In its crackdown on hired bank accounts for black money, Suspicious Transaction Reports (STRs) from Karnataka, Uttar Pradesh, Kerala, West Bengal, Delhi, Andhra Pradesh, Bihar and Gujarat were received and analysed by agencies on Thursday. These showed that 462 accounts from Bihar, 308 from West Bengal and 98 in Punjab have witnessed a sudden spurt of financial activity since November 8, when Prime Minister Narendra Modi announced the demonetization drive.
Probing agencies have also discovered some account holders have been lending out their inoperative bank accounts at a monthly rent of between Rs 10,000 and Rs 15,000. One particular individual was found to have hired 115 rented bank accounts. Agencies are further digging up details to establish whether it is an organized nationwide syndicate or bank employee connivance, which is behind the account scam.
“In the hinterland, people are ignorant about the provisions of the Money Laundering Act or benami rules. They simply hire out their bank accounts for a small amount,” said a source.
Income tax agents are also looking into the role of bank staff in providing non-operational bank accounts to park black money. IT sources disclosed that every bank branch has approximately 500- to 700 dormant bank accounts, which can be easily used to deposit black money.
“In some cases, we found bank officials were asking black money hoarders for 20-25 per cent commission to deposit unaccountable cash. Some banks are already under scanner,” an official indicated. The Axis Bank branch in Kashmiri Gate was raided on Friday.